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Case Study: Remember running costs when planning car repayments

WITHIN weeks of coming home from London, Kevina Callan had fallen madly in love. The affair costs her €365 a month and will continue to do so for the next five years; the object of her affection is a Volkswagen Golf GTI.

“I fancied either a Peugeot or the Golf. I was willing to spend between €20,000 and €22,000,” says Callan, who lives in Meath and commutes to Dublin. Callan surfed the internet and found the Golf for sale through Annesley Motors, on www.autotrader.ie.

Irish prices were quite competitive, she says. “It’s pretty much the same. For me, it was just a question of getting to grips with the difference between sterling and euro prices.” Callan had budgeted for repayments of €350 to €400 a month. In the end, she put down a deposit of €2,500 and took out a five-year loan. Her repayments are €365 a month, including payment